Minimum Deposit: $200
Maximum Leverage: 1:500
My Score: 1.0
Trading789 is one of the forex brokers with interesting names. According to the information in the official site “Why Trading789”, 789, the number of dragons in Chinese mythology. Dragon is a symbol of leverage, supernatural power, wisdom, rich, chance and success according to the company.
Despite all this, I can say that the official website of Trading789, a very new broker established in 2018, is designed in very amateurish way. In addition, the monthly number of visitors to the official website is very low compared to its competitors.
In this Trading789 review you will find detailed information about account types, spreads, deposit and withdrawal methods offered by the broker. Then we will see that Trading789 scam or a reliable broker. If you have any comments or problems about this company, you can write to me. I will try to answer in detail as soon as possible.
One of the biggest problems of newly established brokers is regulation. Because obtaining a license from a reliable regulator is very difficult. Regulators such as FCA, ASIC or CySEC have strict rules. So we do not see new brokers getting these licenses. In general, they prefer offshore regulators. Because everything here is much easier and faster. This is understandable and reasonable for a new broker. However, it is unacceptable for a broker to offer online forex trading services without a license.
Trading789 claims to be registered in Hong Kong, Wales and England. But the broker has no license from the official regulators of these countries. The Hong Kong Securities and Futures Commission (SFC) and the Financial Conduct Authority (FCA) in the UK are very reputable and strict regulators. However, this broker does not have any record and license on both regulators.
So I have to state clearly that Trading789 is an unregulated and unlicensed broker. I would advise you to consider this situation before opening an account with this broker.
Account Types in Trading789
There are 5 different account types offered by Trading789: ECN, Mini, Standard, Social, Islamic.
|Account Type||Minimum Deposit||Maximum Leverage||Spreads|
|ECN||n/a||1:100||0 + commission|
|Social trade||n/a||1:100||1.4 pips|
Each account type addresses different investor types. For example; The ECN account type is usually preferred by professional investors. Spreads on ECN accounts is ultra-low but the commission is charged by broker. Investors seeking copytrading may opt for the Social Account. For Muslim investors who do not want to earn or pay interest due to religious sensitivities, there is a swap-free account option called Islamic account.
Minimum deposit is $100 and maximum leverage is 1:500. Spreads is at medium level with 1,4 pips on EURUSD. Even I can say that it is a little high for an unlicenced forex broker.
The official web site of the broker is very amateurish as I mentioned at the beginning of the review. It is not possible to access the information you are looking for easily. Also the site is not transparent. A lot of information is not declared. Live chat is slow or not available at all.
I can say that the methods of deposit and withdrawal offered by Trading789 are limited. If you want funding, you have to use bank wire transfer or credit card. As an additional option you can fund with bitcoin. But popular e-wallet systems like Neteller, Paypal are not available.